MUMBAI - Shares in India's United Breweries Ltd fell as much as 3 percent on Friday, a day after Reuters reported the brewer and two of its global rivals, had been raided in India as part of an ongoing investigation into price-fixing allegations.
Reuters reported on Thursday that the Competition Commission of India conducted search and seizure operations at the offices of India's United Breweries (UB), Denmark's Carlsberg and the world's largest brewer Anheuser-Busch InBev (AB InBev) in at least two Indian cities.
Exclusive: Top brewers in India raided by antitrust watchdog CCI in price-fixing probe - sources https://reut.rs/2Pu0ltv
The United Breweries stock was down 1.13 percent at 0551 GMT in an Indian market that was up nearly 2 percent on Friday.
Investors and analysts said shares in UB, which is known for its Kingfisher brand, were hit by fears that the CCI raids could result in penalties and potentially dent profits down the road.
"This is a highly regulated market and these are global players. So, allegations of price-fixing are extremely worrying for us," said the head of a fund that owns shares in UB, who asked not to be named due to company policies.
The company did not respond to requests for comment.